BANKING ANALYTICS

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Belarus reduces oil export duty November 1

On November 1, 2008, Belarus reduces the crude oil export duty from $372.2 per tonne to $287.3 per tonne. The
Council of Ministers issued relevant resolution No 1668, BelTA was told in the Council of Ministers
Office.

The oil export duty has been revised
downward following a similar reduction in the export oil duty in the Russian Federation effective from November 1. The export duty on oil products will be
reduced to the level of the duties valid in Russia. For example, duties on
light oil products (light and middle distillates, liquefied gas, benzol,
toluene and xylol) will be reduced from $263.1 to $205.9 per tonne. Duties on
heavy petroleum products (engine oil, processed oil products, mineral wax, oil
coke, oil asphalt) will be cut from $141.7 to $110.9 per tonne.

In line with the intergovernmental
Belarusian-Russian agreement, export duties on oil and oil products in Belarus
are equal to the duties applied in Russia and are introduced on the same date.

In conformance with the Belarusian-Russian
agreement, in 2008 the coefficient of 0,335 will be used for calculating the
duty on oil supplied to Belarus from Russia. From November 1 the duty for Belarus makes up $96.2 per tonne.